Griddle Me That

Work on an electric cable linking the power grids of Israel, Cyprus and Greece is on track to start in the first quarter of 2018 after Greek and Cypriot regulators approved the project, an official in Nicosia, Cyprus, told the Associated Press October 16.

Nasos Ktorides, who heads the EuroAsia Interconnector project, said Monday that Israeli regulators are expected to give their approval next month.

The connection design includes a 945-mile submerged electric cable with a 2,000-megawatt capacity that will be able to both receive and transmit electricity. Construction, alignment, and testing work on this cable is expected to last until 2022 and its first phase will have an estimated cost of around 3.5 billion euros ($4.13 billion).

The project emerged amid improved relations between the three counties, coupled with the discovery of gas deposits in the east Mediterranean that could be used to generate electricity, according to the Washington Post.

In other news related to power grids, a FERC board member offered some confidence for those who are frightened by the recent Department of Energy proposal’s potential to upend energy markets. Cheryl LaFleur said Tuesday that she did not think the Notice of Proposed Rulemaking (NOPR) is adequate to be passed as a final rule. The NOPR was issued September 29and proposed compensation for traditional forms of energy. LaFleur and others question the scarcity of details.

Meanwhile abroad, a decision on the horizon for Saudi Arabian energy reform could impact U.S. Oil & Gas markets in the near future. The Middle Eastern nation is currently weighing a decision to pass energy reform legislation at the same time it balances a large national deficit. Austerity practices could be implemented to balance debt amidst a Saudi economic recession.